Retirement age increased – Employees’ organizations have said that the retirement age in the private sector might be increased in the coming days. EPFO has given new advice to reduce the pressure on the pension fund.
According to a report published by EPFO, the retirement age of private sector workers should be increased to reduce the pressure due to the increase in the number of employees. Another report of the organization says that after 2047, the number of people over 60 years of age in India will be more than 14 crore.
At that time, the pressure on the EPFO will increase a lot. If retirement age increased, the pressure can be reduced. This will reduce the pressure on EPFO in future.
People will get more money and better pension benefits if the retirement age increased. The number of people above 60 years of age will reach 194 million in 2031. This number was 138 million in 2021.
The number of senior citizens in EPFO will increase upto 41%. Now, the retirement age is between 58-65 years. Employees’ Provident Fund Organisation is looking at increasing the retirement age of the private sector.
When would retirement age increased?
The age of retirement in India is between 58-65 years. The age is 58 years for private employees, it is up to 65 years in many Govt. departments.
The retirement age in India is lower than many countries. If the retirement age of the employees increase, their pension amount might get high. Keep visiting our website to know more.
Written and edited by Rajeshwari.